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Rating Action:

Moody's downgrades $248 million of RMBS resecuritized bonds issued by GSMSC Pass-Through Trust

23 Feb 2011

New York, February 23, 2011 -- Moody's Investors Service has downgraded the ratings of five tranches issued by two RMBS resecuritization deals issued by GSMSC in 2008.

Issuer: GSMSC Pass-Through Trust 2008-1R

Cl. A1, Downgraded to Caa3 (sf); previously on Jan 29, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: GSMSC Pass-Through Trust 2008-2R

Cl. 1A-1, Downgraded to Caa1 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1A-2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 2A-1, Downgraded to Caa1 (sf); previously on Jan 13, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2A-2, Downgraded to C (sf); previously on Mar 12, 2010 Ca (sf) Placed Under Review for Possible Downgrade

RATINGS RATIONALE

The actions are as a result of the bonds not having sufficient credit enhancement to maintain the current ratings compared to the revised loss expectation on the pools of mortgages backing the underlying certificates.

The resecuritization GSMSC 2008-1R is backed by the class A-1 (the "Underlying Certificate") issued by IndyMac INDX Mortgage Loan Trust 2007-AR17. The underlying certificate is backed primarily by first-lien, Alt-A residential mortgage loans. The Class A-1 issued by GSMSC 2008-1R is a senior class, supported by a subordinated bond Class A-2, which receives principal payments after Class A-1 but absorbs losses before Class A-1.

The Group1 bonds of the resecuritization GSMSC 2008-2R are backed by the classes 5A-1 and 5A-2 (the "Underlying Certificates") issued by GSR Mortgage Loan Trust 2006-8F. The Group2 bonds of the resecuritization GSMSC 2008-2R are backed by the classes 6A-1 and 6A-2 (the "Underlying Certificates") issued by GSR Mortgage Loan Trust 2006-9F. Both sets of underlying certificates are backed primarily by first-lien, Prime Jumbo residential mortgage loans. The Class 1A-1 issued by GSMSC 2008-2R is a senior class, supported by a subordinated bond Class 1A-2, which receives principal payments after Class 1A-1 but absorbs losses before Class 1A-1. The Class 2A-1 issued by GSMSC 2008-2R is a senior class, supported by a subordinated bond Class 2A-2, which receives principal payments after Class 2A-1 but absorbs losses before Class 2A-1.

Moody's ratings on the resecuritization certificates are based on:

(i) The updated expected loss on the pools of loans backing the underlying certificates and the updated ratings on the underlying certificates. Moody's current loss expectation on the Alt-A pools backing the GSMC 2008-1R underlying certificates and the current ratings of those underlying certificates can be found at http://www.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174. Moody's current loss expectation on the prime jumbo pools backing the GSMC 2008-2R underlying certificates and the current ratings of those underlying certificates can be found at http://www.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF196023.

(ii) The credit enhancement available to the underlying certificates, and

(iii) The structure of the resecuritization transaction.

Moody's first updated its loss assumption on the underlying pools of mortgage loans (backing the underlying certificates) and then arrived at updated ratings on the underlying certificates. The ratings on the underlying certificates are based on expected recoveries on the bonds under ninety-six different combinations of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings. For details regarding Moody's approach to estimating losses on Alt-A and Prime Jumbo pools, please refer to the methodology publications "Alt-A RMBS Loss Projections Update: 2010" and "Prime Jumbo RMBS Loss Projection Update: January 2010 " respectively, available on Moodys.com.

In order to determine the ratings of the resecuritized bonds, the loss on the underlying certificates was ascribed to the resecuritized classes, according to the structure of the resecuritized transaction. The losses on the resecuritized certificates are allocated "bottom up" with the subordinate class taking losses ahead of the senior class. Principal payments to the certificates are allocated sequentially, with the senior class being paid ahead of the subordinate class.

Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment remains at high levels, and weakness persists in the housing market. Moody's notes an increasing potential for a double-dip recession, which could cause a further 20% decline in home prices (versus its baseline assumption of roughly 5% further decline). Overall, Moody's assumes a further 5% decline in home prices with stabilization in early 2011, accompanied by continued stress in national employment levels through that timeframe.

As part of the sensitivity analysis, we stressed the updated expected loss on the pool of loans backing the underlying certificates by an additional 10% and found that the implied ratings of the bonds do not change.

Moody's Investors Service received and took into account a third party due diligence report on the underlying assets or financial instruments in this transaction and the due diligence reports had neutral impact on the ratings.

A list of these actions including CUSIP identifiers may be found at:

http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF236938

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deepika Kothari
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades $248 million of RMBS resecuritized bonds issued by GSMSC Pass-Through Trust
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